Federal Vs. State for exemptions

[DYLAN150]

The Federal exemptions for homestead is currently at $21, 625. My state is $125,000. I have approximately $23,000 of equity in my home and is declining. Two years ago it was up to $75,000. Here is my question, If I were to claim Federal Exemptions (ok to do so in my state) at the current time I am about $2000 over. I like the Federal exemptions because the household allowance is much higher than my state. I am not claiming bankruptcy at the current time but may do so in the next year. However, I understand that if I am sued, I must claim my exemptions, so I am wondering about this house equity thing. Second question, I still owe Sears for most of my household furniture, so they retain a security interest in those things. If I keep current on that payment, how do I list those items, I can't see how any creditor could take any of my household goods when I still owe on them and the payment is current, because another creditor has a security interest in that item. Also, car is a lease so there is no problem there and just got social security and disability switched over to paper checks/direct express card. So if a judgement is issued, they could file a lien against my house.